X-Posed: National Enquirer & Star Tabloids in Bankruptcy Love Nest

Image by hfabulous via Flickr
As anticipated here [see "TUOL" post 11/2/10], Boca Raton, Fla.-based American Media, Inc., whose publications include the Star and National Enquirer supermarket tabloids, has filed for Chapter 11 bankruptcy protection in the U.S. District Court for the Southern District of New York (In re American Media, Inc., 10-BK-16140), according to Bloomberg News.

The publisher of the popular gossip tabloids listed assets of  under $50,000 against debts of up to $1 billion in its court filing.  The Enquirer's circulation as of September 2010, averaged 695,000, a drop of 83,000 compared to October 2009 figures, while the Star's  numbers during the same period saw a decrease to 940,000 from 1.1 million, according to Bloomberg.